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T R O U B L E D   C O M P A N Y   R E P O R T E R     
  
             A S I A   P A C I F I C      

      Wednesday, March 18, 1998, Vol. 1, No. 21

                    Headlines


C H I N A   &   H O N G   K O N G  

DAIDO CONCRETE: Reducing Debts to Ease Financial Strain

I N D O N E S I A

J A P A N  

HITACHI ZOSEN: Moody's Possible Downgrade
JAPAN AIRLINES: Executives to Resign
SANSUI ELECTRIC: Continues Downward Slide

K O R E A

HANJIN: Stock Exchange Analyzes Top 10 Chaebols
HANWHA: Stock Exchange Analyzes Top 10 Chaebols
HYUNDAI: Stock Exchange Analyzes Top 10 Chaebols
KIA MOTORS: Will Trim Work Force
KUMHO: Stock Exchange Analyzes Top 10 Chaebols
LG SEMICON: Stock Exchange Analyzes Top 10 Chaebols
POHANG IRON: Names New Executives
SSANGYONG: Stock Exchange Analyzes Top 10 Chaebols

M A L A Y S I A

P H I L I P P I N E S

BANK OF THE PHILIPPINES: S&P Lowers Ratings
FAR EAST BANK: S&P Lowers Ratings
PHILIPPINE COMMERCIAL: S&P Lowers Ratings

S I N G A P O R E

T H A I L A N D

ALPHATEC: Looking for New Auditor
BANPU: Coco Shares Purchase by Sithe Pacific
THE COUNTRY: Faces Delisting of Stock
DATAMAT PUBLIC: Appoints Financial Advisor
HONDA CARS (THAILAND): Parent to Buy Back Company
PROPERTY PERFECT: Announces 1997 Operating Losses
REGIONAL CONTAINER: Announces 1997 Operating Losses
SIAM CEMENT: Goldman Sachs Gives Thumbs-Up
THAI MODERN: Announces 1997 Operating Losses


=================================
C H I N A   &   H O N G   K O N G  
=================================


DAIDO CONCRETE: Reducing Debts to Ease Financial Strain
-------------------------------------------------------
Daido Concrete (H.K.) Limited announced that it has entered
into a deed with Ocean Tide Limited ("Ocean Tide" , Mr. Lee
Kwok Leung and Daido Steel Works & Engineering Limited on
12 March 1998 in relation to the sale by the Company of its
70% interest in the issued share capital of DSWL to Ocean
Tide for nominal consideration of HK$1.

The parties' obligations under the Deed shall be
conditional upon, inter alia:

  (a) a guarantee being issued by such bank, an insurance
      underwriter or other party and in a form acceptable
      to the Company and The Sumitomo Bank so as to fully
      and effectually indemnify the Company and/or Sumitomo
      from and against their respective liabilities, actual
      or contingent, under the performance bond issued by
      Sumitomo in respect of DSWL's work on the Tin Kau
      Bridge project which was guaranteed by DSWL and
      counter - guaranteed by the Company in respect of
      DSWL's liabilities (the "Bond"); and

  (b) a confirmation from each of the bank creditors of
      DSWL and the Company (on behalf of its subsidiaries
      to which DSWL owes debts (the "DCHK Creditors"))
      that, inter alia, pending Completion or termination
      of the Deed, whichever is the earlier, they will not
      take any step to enforce repayment of the debts owing
      to such bank creditors or the DCHK Creditors and that
      they have no objection to agreeing unconditionally
      and irrevocably not to demand repayment of such
      indebtedness from DSWL upon receipt of funds for
      Partial Repayment (as described below) but without
      prejudice to DSWL's bank creditors' rights and claims
      against the Company pursuant to any guarantee or any
      other contractual obligation in respect of DSWL's
      indebtedness owing to such bank creditors described
      below.

           Partial repayment of loans owing to the
          DCHK Creditors and bank creditors of DSWL

At Completion, the Acquiror will pay to the Company (on
behalf of the DCHK Creditors) and the bank creditors of
DSWL an aggregate sum of HK$1,000,000.00 (the "Partial
Repayment") as partial repayment by DSWL of the net debts
due to the DCHK Creditors, of approximately HK$23 million
in principal amount (the "Net Debts") and the bank debts
(the "Bank Debts") of approximately HK$12.6 million due to
the bank creditors of DSWL in principal amount both as at
28 February 1998 on a pro rata basis.

DSWL is a company incorporated in Hong Kong with limited
liability which is owned as to 70% by the Company and as to
30% by Mr. Lee who beneficially owns the entire issued
share capital of Ocean Tide. The principal activities of
DSWL are the fabrication of steel structures and
contracting of civil work projects.

                 Reasons for the Disposal

For the year ended 30 April 1997, DSWL contributed a loss
of approximately HK$5.35 million to the overall losses of
the Company and its subsidiaries, including DSWL (together
the "Group"), of approximately HK$612.9 million.  This
represents approximately 0.87% of the Group's total loss.
In the same period, DSWL contributed a turnover of
approximately HK$63 million to the Group's overall turnover
of approximately HK$1,442.6 million. This represents
approximately 4.37% of the Group's turnover. For the six
months ended 31 October 1997, DSWL contributed a loss of
approximately HK$2.2 million to the overall losses of the
Group. In the same period, DSWL contributed a turnover of
approximately HK$11.1 million to the Group's overall
turnover.

The Board estimates that the financial effect of the
Disposal on the DCHK Group is a loss of approximately HK$5
million and the release of the contingent liabilities under
the Bond of an aggregate amount of HK$12 million. This loss
is approximately HK$13 million less than the loss which
would have been incurred in a liquidation of DSWL, which
was the only realistic alternative to the Disposal.

The Disposal will help to reduce the financial strain on
the DCHK Group by extinguishing the Company's contingent
liabilities under the Bond, and the Company will receive a
reasonable and certain recovery for the Net Debts which is
better than the Group's recovery if DSWL was to be
liquidated.  (HKSE 18-Mar-1998)


=================
I N D O N E S I A
=================


=========
J A P A N  
=========

HITACHI ZOSEN: Moody's Possible Downgrade               
-----------------------------------------
Ratings agency Moody's Investors Service Monday put
its long-term debt ratings for Japan's Hitachi Zosen Corp.
under review for possible downgrade. The New York-based
agency said its move would affect about 91 billion yen
(711 million dollars) of its long-term debts, which were
currently rated "Baa3," just one step above speculative
grade.

Japan's major engineering company said Friday it would
incur a group net loss of 14 billion yen in the year to
March, a reversal from an earlier profit forecast of two
billion yen. Moody's said severe competition in Hitachi
Zosen's main product areas and lower-than-expected
operating efficiency were pressuring its earnings.

Hitachi Zosen halved its consolidated pre-tax profit
forecast to 12 billion yen from 25 billion yen estimated
previously for the year to March, with sales seen at 590
billion yen, down from 620 billion yen. The firm blamed
costs for restructuring affiliates and higher construction
costs at offshore plants.  (Agence France-Presse 17-Mar-1998)


JAPAN AIRLINES: Executives to Resign
------------------------------------
The chairman and president of Japan Airlines Co., the
nation's biggest airline, are planning to resign due to
projected losses at the airline because of increasing
competition and failed resort developments. President
Akira Kondo told reporters today he and Chairman Susumu
Yamaji will step down at the company's annual shareholders
meeting in June. Kondo is 63 and Yamaji is 72. Isao Kaneko,
60, an executive managing director, is expected to replace
Kondo, the Nihon Keizai business daily reported in its
evening edition. The two will resign to take responsibility
for a 150 billion yen ($1.2 billion) write-off that airline
officials announced earlier Tuesday.  (AP Financial News
17-Mar-1998)


SANSUI ELECTRIC: Continues Downward Slide
-----------------------------------------
Sansui Electric Co., affiliated with the Semi-Tech Corp.
group of Hong Kong, posted an operating loss of just under
1 billion yen in the year ended December, marking the 12th
consecutive year of operating losses. Liabilities are close
to exceeding shareholders' equity as the string of losses
has eroded its financial strength. Although the company
projects a pretax profit for the current year, it has
failed to show a convincing scenario for an earnings
recovery.

According to the data available in Nihon Keizai Shimbun
Inc.'s NEEDS-COMPANY database, there is not much room to
cut fixed costs. The payroll has decreased from 1,500 in
the early 1980s to 130 employees. Since capital investments
were also cut, depreciation costs have fallen to a far
lower level. As a result, the ratio of fixed costs to sales
has fallen from just under 57% in the year ended March 1990
to below 20.5%. At the same time, the proportion of
personnel and related expenses among fixed costs has topped
60%.

Hiromi Yamato, the current president of Sansui, admits the  
company does not have enough funds to spend on original  
product development. The company required a debt guarantee  
from Semi-Tech to renew a 2-billion-yen loan from the Bank
of Tokyo-Mitsubishi at the end of the last year.

Sansui's cumulative losses stood at 57.3 billion yen as of  
the end of last year. Meanwhile, shareholders' equity has  
surged to 62.6 billion yen as the company repeatedly issued  
new shares to third parties to prevent liabilities from  
exceeding shareholders' equity. Company officials admit the  
need to reduce the excessive capitalization. But, it has
not been able to make any moves amid a lack of clear
strategies to put the company back in the black.

As a result, Sansui stock remained under 100 yen after  
sinking below its face value of 50 yen at one point last  
November. The company has not paid a dividend since the
year ended October 1985. In addition, it does not have
plans to resume dividend payments, nor set up a reserve for
dividends. There is no sign Sansui stock will be a worthy
investment in the near future.  (Asia Pulse 17-Mar-1998)


=========
K O R E A
=========

HANJIN: Stock Exchange Analyzes Top 10 Chaebols
-----------------------------------------------
Huge foreign-exchange losses and rising financial costs
pushed six of the nation's 10 largest industrial
conglomerates into the red last year, the Korea Stock
Exchange said yesterday. In addition to the worsening
profitability, the growth rate of the 10 leading
conglomerates' combined turnover also declined year-on-
year, the KSE said.

The exchange's survey of 80 listed firms affiliated with
the top 10 chaebols, which settled their accounts last
December, found that only four groups--Samsung, Lotte,
Daewoo and SK--posted net profits. The other six--Hyundai,
LG, Ssangyong, Hanjin, Hanwha and Kumho--swung to the red
or saw their losses snowball from 1996, the survey showed.

The Hanjin Group suffered the biggest operating loss of 494
billion won ($340.6 million), stemming mostly from foreign
exchange losses of affiliated flag carrier, Korean Air.
(Korea Herald 17-Mar-1998)


HANWHA: Stock Exchange Analyzes Top 10 Chaebols
-----------------------------------------------
Huge foreign-exchange losses and rising financial costs
pushed six of the nation's 10 largest industrial
conglomerates into the red last year, the Korea Stock
Exchange said yesterday. In addition to the worsening
profitability, the growth rate of the 10 leading
conglomerates' combined turnover also declined year-on-
year, the KSE said.

The exchange's survey of 80 listed firms affiliated with
the top 10 chaebols, which settled their accounts last
December, found that only four groups--Samsung, Lotte,
Daewoo and SK--posted net profits. The other six--Hyundai,
LG, Ssangyong, Hanjin, Hanwha and Kumho--swung to the red
or saw their losses snowball from 1996, the survey showed.

Hanwha's deficits skyrocketed by more than 100-fold to 42.9
billion won from 300 million won in the 1996-1997 period.
(Korea Herald 17-Mar-1998)


HYUNDAI: Stock Exchange Analyzes Top 10 Chaebols
------------------------------------------------
Huge foreign-exchange losses and rising financial costs
pushed six of the nation's 10 largest industrial
conglomerates into the red last year, the Korea Stock
Exchange said yesterday. In addition to the worsening
profitability, the growth rate of the 10 leading
conglomerates' combined turnover also declined year-on-
year, the KSE said.

The exchange's survey of 80 listed firms affiliated with
the top 10 chaebols, which settled their accounts last
December, found that only four groups--Samsung, Lotte,
Daewoo and SK--posted net profits. The other six--Hyundai,
LG, Ssangyong, Hanjin, Hanwha and Kumho--swung to the red
or saw their losses snowball from 1996, the survey showed.

Hyundai, which had posted net profit of 196.6 billion won
in 1996, sank into the red to the tune of 180 billion won,
mainly due to poor performance by its electronics and
aluminum-making units.  (Korea Herald 17-Mar-1998)


KIA MOTORS: Will Trim Work Force
--------------------------------
Financially troubled Kia Motors Corp. will trim its work
force and organization to a level equaling annual capacity
of 600,000 units from the current 800,000, the company said
Tuesday. Kia's board of directors now numbering 51 will be
reduced by about 10, and rank-and-file employees will also
be cut, but the reduction affecting those tied to
production and exports will be minimized, the company said.

Kia submitted such a restructuring plan to the court
Monday, which will determine, based on the restructuring
plan, whether or not to start the liquidation process for
the nation's third largest carmaker.  (Asia Pulse 17-Mar-1998)


KUMHO: Stock Exchange Analyzes Top 10 Chaebols
----------------------------------------------
Huge foreign-exchange losses and rising financial costs
pushed six of the nation's 10 largest industrial
conglomerates into the red last year, the Korea Stock
Exchange said yesterday. In addition to the worsening
profitability, the growth rate of the 10 leading
conglomerates' combined turnover also declined year-on-
year, the KSE said.

The exchange's survey of 80 listed firms affiliated with
the top 10 chaebols, which settled their accounts last
December, found that only four groups--Samsung, Lotte,
Daewoo and SK--posted net profits. The other six--Hyundai,
LG, Ssangyong, Hanjin, Hanwha and Kumho--swung to the red
or saw their losses snowball from 1996, the survey showed.

Kumho, which recorded a surplus of 39.4 billion won in
1996, showed a red-ink figure of 22.5 billion won last year
due to sluggish sales of Kumho Chemical and Kumho Tire.
(Korea Herald 17-Mar-1998)


LG SEMICON: Stock Exchange Analyzes Top 10 Chaebols
---------------------------------------------------
Huge foreign-exchange losses and rising financial costs
pushed six of the nation's 10 largest industrial
conglomerates into the red last year, the Korea Stock
Exchange said yesterday. In addition to the worsening
profitability, the growth rate of the 10 leading
conglomerates' combined turnover also declined year-on-
year, the KSE said.

The exchange's survey of 80 listed firms affiliated with
the top 10 chaebols, which settled their accounts last
December, found that only four groups--Samsung, Lotte,
Daewoo and SK--posted net profits. The other six--Hyundai,
LG, Ssangyong, Hanjin, Hanwha and Kumho--swung to the red
or saw their losses snowball from 1996, the survey showed.

LG Semicon's huge deficit exceeding 289 billion won also
sapped overall performance of its parent group.
(Korea Herald 17-Mar-1998)


POHANG IRON: Names New Executives
---------------------------------
Top executives of Pohang Iron and Steel Co. were changed at
the state steel mill's annual shareholders' meeting
yesterday, by ushering in Yoo Sang-bu, former vice
chairman, as its new chairman and CEO.

On the one hand, POSCO's managerial reshuffle signals the
beginning of reform of state enterprises, while raising the
question of lingering political influence on public
corporations on the other, analysts said.

Yoo and new POSCO president Lee Ku-taek replaced Kim Mahn-
je and Kim Chong-jin, respectively. (Korea Herald 17-Mar-1998)


SSANGYONG: Stock Exchange Analyzes Top 10 Chaebols
--------------------------------------------------
Huge foreign-exchange losses and rising financial costs
pushed six of the nation's 10 largest industrial
conglomerates into the red last year, the Korea Stock
Exchange said yesterday. In addition to the worsening
profitability, the growth rate of the 10 leading
conglomerates' combined turnover also declined year-on-
year, the KSE said.

The exchange's survey of 80 listed firms affiliated with
the top 10 chaebols, which settled their accounts last
December, found that only four groups--Samsung, Lotte,
Daewoo and SK--posted net profits. The other six--Hyundai,
LG, Ssangyong, Hanjin, Hanwha and Kumho--swung to the red
or saw their losses snowball from 1996, the survey showed.

Ssangyong saw its deficit swell to 232.3 billion won last
year from the previous year's 98.7 billion won because its
automaking unit, which was sold to Daewoo last December,
ran up a loss of 314.2 billion won.  (Korea Herald 17-Mar-1998)


===============
M A L A Y S I A
===============


=====================
P H I L I P P I N E S
=====================

BANK OF THE PHILIPPINES: S&P Lowers Ratings
-------------------------------------------
International ratings agency Standard & Poors today
announced that it had lowered its public information (pi)
ratings on the Bank of the Philippine Islands (BPI), Far
East Bank and Trust Company (FEB) and Philippine Commercial
International Bank (PCI Bank) to BBpi from BBBpi. The lower
ratings reflect Standard & Poors concerns that  the asset
quality of each institution is deteriorating, primarily as
a result of increased stress on borrowers due to high
domestic interest rates and the significant depreciation  
of the Philippine peso over the past nine months, S&P said
in a statement.

The trend toward deteriorating asset quality is expected to  
exacerbate during 1998, which is expected to cause a
weakening in profitability over the short to medium term,
it said.  (Asia Pulse 17-Mar-1998)


FAR EAST BANK: S&P Lowers Ratings
---------------------------------
International ratings agency Standard & Poors today
announced that it had lowered its public information (pi)
ratings on the Bank of the Philippine Islands (BPI), Far
East Bank and Trust Company (FEB) and Philippine Commercial
International Bank (PCI Bank) to BBpi from BBBpi. The lower
ratings reflect Standard & Poors concerns that  the asset
quality of each institution is deteriorating, primarily as
a result of increased stress on borrowers due to high
domestic interest rates and the significant depreciation  
of the Philippine peso over the past nine months, S&P said
in a statement.

The trend toward deteriorating asset quality is expected to  
exacerbate during 1998, which is expected to cause a
weakening in profitability over the short to medium term,
it said.  (Asia Pulse 17-Mar-1998)


PHILIPPINE COMMERCIAL: S&P Lowers Ratings
-----------------------------------------
International ratings agency Standard & Poors today
announced that it had lowered its public information (pi)
ratings on the Bank of the Philippine Islands (BPI), Far
East Bank and Trust Company (FEB) and Philippine Commercial
International Bank (PCI Bank) to BBpi from BBBpi. The lower
ratings reflect Standard & Poors concerns that  the asset
quality of each institution is deteriorating, primarily as
a result of increased stress on borrowers due to high
domestic interest rates and the significant depreciation  
of the Philippine peso over the past nine months, S&P said
in a statement.

The trend toward deteriorating asset quality is expected to  
exacerbate during 1998, which is expected to cause a
weakening in profitability over the short to medium term,
it said.  (Asia Pulse 17-Mar-1998)


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S I N G A P O R E
=================


===============
T H A I L A N D
===============

ALPHATEC: Looking for New Auditor
---------------------------------
Following shareholders' rejection of Price Waterhouse,
Alphatec Electronics Plc (Atec) has decided to find another
independent auditor for its 1997 annual financial statement
required by the Stock Exchange of Thailand.

In a filing to the SET Monday, Atec said it was still
looking for a new auditing firm. However, even if Atec
finds the new firm, it is unlikely to meet the deadline for
submission of its financial report to the exchange and its
creditors because the auditing will take two to three
months.

Atec's financial sheets audited earlier by KPMG Peat
Marwick Suthee were found not to reflect its financial
position. Peat Marwick was later sacked. Thamnu Wanglee,
Atec chairman and a major shareholder, said the majority of
shareholders were unhappy with the due diligence performed
by independent auditor Price Waterhouse.

Atec's creditors rejected its revised financial statements
at the Feb 27 shareholders meeting. Atec said although its
debt restructuring plan is not yet in place, there is still
high demand for its products, particularly from overseas.
The company said it will continue strongly with its current
business operations although it is badly in need of new
capital.

On Feb 2, Atec's steering committee submitted details of
the debt restructuring plan to the company's shareholders
meeting, but the plan was rejected by some creditors.
The steering committee said if the creditors still refuse
to hire Price Waterhouse as its new auditor, the
restructuring plan will be further delayed. In addition,
the upcoming bankruptcy law is unlikely to bring a better
outcome for the company, Atec said in its report to the
SET.  (Korea Herald 17-Mar-1998)

An independent audit by Price Waterhouse expressed
"substantial doubts" about the Alphatec's ability "to
continue as a going concern."

The disclosures, the company's creditors said, reflect a
breakdown in their efforts to reorganize more than $330
million in Alphatec debt amid indications that key U.S.
customers have begun to lose patience. They said those
efforts have stalled because of opposition from Alphatec's
founder, Charn Uswachoke. The impasse comes seven months
after Mr. Charn resigned as Alphatec's chief executive
following a Price Waterhouse audit, which concluded that
his company had falsified financial statements for three
years. Mr. Charn denied that he personally profited from
the falsification.  (Wall Street Journal 17-Mar-1998)


BANPU: Coco Shares Purchase by Sithe Pacific
--------------------------------------------
SITHE Pacific Holdings Ltd, a major US power company, will
spend about US$100 million on a 33.62-per-cent stake in
Cogeneration Plc, a subsidiary of Thai energy concern Ban
Pu group. Sithe Pacific, a subsidiary of Sithe Energies
Group Inc, will purchase 270 million new shares to be
issued by Coco at Bt16 a piece and become the second
largest shareholder. Ban Pu will see its stake in Coco
reduced to 35 per cent from 55 per cent at present.
The move is part of the Ban Pu group's restructuring plan
announced last week, which includes selling off its stake
in power subsidiaries to equity investors in a bid to go on
with its massive investment projects amid the liquidity
squeeze in the Thai financial market.  (Korea Herald
17-Mar-1998)


THE COUNTRY: Faces Delisting of Stock
-------------------------------------
The Country (Thailand) Public Company Limited (SET:CNTRY)
submitted its audited financial statements for the year
ended 31 December, 1997 to the SET yesterday.  The
company's financial statements shows a net loss of
3,693.89 million baht and net tangible assets (NTA) of
(1,962.22) million baht.  This means NTA are equal to
(161.83) percent of the company's 1,212.50 million baht
paid-up capital. As a result, the company faces possible
delisting.  With that in mind, the SET announced that
trading in CNTRY shares will be suspended on 23 April,
1998.  
(SET 17-Mar-1998)


DATAMAT PUBLIC: Appoints Financial Advisor
-----------------------------------------
Datamat Public Company Limited (SET:DTM) announced
yesterday, to prevent delisting if its shares on the SET,
that it will appoint a financial advisor to work with
management to compile a restructoring plan which will be
proposed to shareholders at a meeting on or before July 10,
1998.  The company indicated that management and the
financial advisor will hold a presentation at least 7 days
ahead of the shareholders' meeting.  Additionally, the
company will report on progess of the plan once every 3
months.  
(SET 17-Mar-1998)



HONDA CARS (THAILAND): Parent to Buy Back Company
-------------------------------------------------
Thailand's recession has forced Honda Motor of Japan to
inject 2.16 billion baht (US$54 million) into its Thai
operations, effectively securing an almost 90 per cent hold
on the Thai company. The measure was part of a doubling in
Honda Cars Manufacturing (Thailand) Ltd's (HCMT) capital to
4.32 billion baht.

The move lifts Honda Motors' stake in HCMT to 88.3 per
cent. Honda Cars (Thailand) Co Ltd (HCTC) is the car
importer and distributor of cars and spare parts. Under the
agreement, the existing partners will have an option to buy
back their stake in Honda Cars Manufacturing (Thailand).
A spokesman for Asian Honda Motor Ltd said with the local
shareholders unable to immediately subscribe, Honda was
taking up the investment on their behalf.

The main shareholders to be affected are local businessman
Pong Sarasin, who previously held a 20 pct share in Honda  
Motor and The Crown Property Bureau, the investment arm for  
the Thai Royal Family, with a stake of 10 pct. Asian Honda  
Motor Co had held a 19.98 pct stake.

The local manufacturing side of Honda cars is undertaken by
Honda Cars Manufacturing which had been 51.0 pct Thai with
the remaining 49 pct controlled by Honda Motors. Honda
Motor is to buy the total stake of Honda Cars (Thailand) in
HCMT, with the proceeds to be used by HCT to finance local
operations.

The state-owned Board of Investment (BoI) backed the move
saying the Honda decision to allow the shareholders to buy
their position back at a later date. A spokesman for the
BoI said the Board had received some 125 applications for
an increase in foreign shareholdings, and had already
approved some 40 applicants to proceed.
(Asia Pulse 17-Mar-1998)


PROPERTY PERFECT: Announces 1997 Operating Losses
-------------------------------------------------
For the year ending December 31, 1997, Property Perfect
Public Company Limited (SET:PERFEC) announced a net loss of
5.4 million Baht.  
(SET 17-Mar-1998)


REGIONAL CONTAINER: Announces 1997 Operating Losses
---------------------------------------------------
For the year ending December 31, 1997, Regional Container
Lines Public Company Limited (SET:RCL) announced a 1.1
million Baht operating loss.
(SET 17-Mar-1998)


SIAM CEMENT: Goldman Sachs Gives Thumbs-Up
------------------------------------------
Paul Wanglee, a Goldman Sachs analyst, tells The Asian Wall
Street Journal that Siam Cement, notwithstanding its 52.22
billion Baht loss for the 1997 calendar year, shares in the
company are a bargain.  At the outset, Wanglee observes
that the 1997 loss is Siam Cement's first loss in nearly a
century.  Wanglee then explains that the company's foreign
shares, trading late last week at 620 Baht, offer a
significant discount to the company's book value of 650
Baht per share and replacement cost which Wanglee estimates
at 1,100 Baht per share.  He adds, "I see very minimal
bankruptcy risk," since the company has the cash flow to
pay twice its interest costs."
(The Asian Wall Street Journal 09-Mar-1998)


THAI MODERN: Announces 1997 Operating Losses
--------------------------------------------
For the year ending December 31, 1997, Thai Modern Plastic
Industry Public Company Limited (SET:TM) announced a 1.5
million Baht net loss, compared to a 146 thousand net
profit in 1996.  
(SET 17-Mar-1998)




S U B S C R I P T I O N   I N F O R M A T I O N

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